Lazarus Exploits Safe Developer Machine Bybit Hack

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Good Morning.

In terms of altcoin market cap, we’re back to the 2021 market peak. Altcoins are incredibly volatile, with BTC breaking below $80,000 and potentially hitting the $73,000 price level. However, the SEC has also been dropping many cases, so the fundamental outlook is good.

Checkout my latest article, if you join the game you might win $200k+

In Today's Email:

• What Matters: Lazarus Exploits Safe Developer Machine in Bybit Hack 🔎 

• Founders Highlight: 0xKawz of Time.fun ⌛️ 

• Deal Flow: Raise’s $63M Funding 💰️ 

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TOGETHER WITH

Ethena Labs: Advancing DeFi Through Strategic Integration with Aptos

Ethena Labs is extending its reach to Aptos, integrating ENA and USDe into the MoveVM ecosystem. Recently, Ethena announced its partnership with Echelon, a leading MoveVM lending protocol on Aptos with over $125M in TVL. 

• As part of the partnership, sENA holders are allocated 5% of Echelon’s token supply, with rewards accruing as points and additional benefits for locked sENA.

• Ethena also deploys USDe and sUSDe on Aptos. sUSDe is set to function as a core savings asset through integrations with Echelon and prominent Aptos DEX partners.

Enhanced User Experience

• Effortless Bridging: Users can bridge USDe and sUSDe to Aptos via Stargate Finance, facilitating smooth asset transfers.

• Reward Program Access: For eligibility in the rewards program, users are advised to visit the “Delegation” page on the Ethena app and connect their Aptos and Ethereum addresses. 

With this move, Ethena Labs shows its commitment to advancing DeFi through strategic integrations and user-focused innovations.

WHAT MATTERS

Lazarus Exploits Safe Developer Machine in Bybit’s $1.5B Hack

State of play: North Korean hacking collective Lazarus appears to have compromised a Safe developer machine, according to an interim investigation by cybersecurity firm Sygnia.

• The breach enabled the injection of malicious JavaScript into Safe(Wallet)’s AWS S3 bucket.

• When Bybit’s multisig signers accessed the compromised code, the altered tx redirected funds from Bybit’s cold wallet to an attacker-controlled wallet.

• Although Bybit’s core infrastructure was not directly affected, the attack highlights vulnerabilities in the transaction signing process.

• Blind signatures and manipulated UI elements tricked signers into approving the fraudulent transaction.

• Safe confirmed that the breach occurred through a compromised developer machine.

• Safe’s team has since rebuilt its infrastructure, reconfigured systems, and rotated all credentials.

What’s next: The investigation continues as questions remain about the breach’s method and its broader implications for similar systems.

For builders and investors: 

BUILDER-INVESTOR HIGHLIGHT

0xKawz of Time.fun

Intro: 0xKawz is the founder of time.fun, a time tokenization platform that allows timeholders to connect with their fans.

Previous background: There is no publicly available information on the previous background of 0xKawz.

The big idea: @0xKawz through time.fun not only allows for the tokenization of time but also supports deeper connections between creators and loyal fans, such as booking meetings and private messaging.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Sonic’s $S Airdrop Strategy

Credits to Yaki for the original thread.

State of play: Yaki (@Yaki_fomoArt) outlines a focused strategy to maximize rewards from Sonic’s upcoming $S airdrop by leveraging a three-pronged points system:

1. Passive Points (PP): Earn rewards simply by holding whitelisted assets like $scUSD, $USDC.e, and others, each offering various multiplier boosts (up to 6x with certain assets such as $scUSD minted on Ring Protocol). This low-risk approach provides steady, reliable points.

2. Activity Points (AP): Boost your rewards by actively engaging in liquidity provision and asset swaps on supported dApps. Activity points are earned at twice the rate of passive points, making active participation a key component to ramping up your airdrop share.

3. App Points (Gems): Participate in dApps with strong point programs where rewards, known as Gems, can be redeemed for $S. Identifying and engaging with these top-performing dApps can further increase your airdrop yield.

Yaki also notes that top leaderboard players are deploying strategies across platforms like SiloFinance, wagmicom, Rings Protocol, and ShadowOnSonic.

• However, he emphasizes that supplying stablecoins remains the best low-risk strategy to secure consistent points and maximize the $S airdrop benefits.

DEAL FLOWS

Raise Secures $63M to Boost Blockchain Gift Card Innovation

Deal flows remain the same this week - we saw $200M in deals 💼 

Raise, a blockchain-based payment and gift card firm, secured $63M in its latest funding round—bringing total funding to over $220M.

• The round was led by Haun Ventures and included participation from investors such as Amber Group, Anagram, Blackpine, and others.

• Raise plans to deploy the funds to develop its Smart Cards program, a blockchain-based gift card system.

• Raise’s CEO emphasized that the firm has been waiting for the right regulatory and technological conditions to transform the on-chain gift card industry.

• Additionally, Raise is expanding its presence in the blockchain payment space by partnering with Polkadot and digital wallets like MetaMask.

Deal flows in the past week:

• Torch Finance, $1.5M Pre-Seed Round

• Byzantine Finance, $3M Pre-Seed Round

• Infinity Ground, $2M Seed Round

• Memes Lab, $2.3M Seed Round

• Tenor Labs, $2.5M Seed Round

• Imua, $5M Seed Round

• Ethena Labs, $100M Private Round

• EthicHub, $1M Strategic Round

• Geodnet, $8M Strategic Round

• Layer3, $3M Private Token Sale

• MeebCo, $3M Unknown Round

• Bitwise, $70M Unknown Round

QUICK BITES

• BitMEX seeks a buyer.

• Bitcoin dips below $80,000.

• SEC drops case against Coinbase.

• MetaMask unveils a new roadmap.

• Fear & Greed index hits extreme fear.

• SEC will drop a case against MetaMask.

• Base cuts block times to 0.2s on testnet.

• LIBRA destroyed $251M in investor wealth.

• MetaMask to add support for Solana and Bitcoin.

• Bybit hackers moved half the stolen ETH to BTC.

• Coinbase and NEAR form alliances for Open AI Services.

• SEC says memecoins aren’t securities but fraud is still a risk.

• Congressman introduces a bill to stop politicians from issuing memecoins.

NOTEWORTHY READS

• SEC’s read on memecoins.

• Dmitry’s read on token buyback and burn.

• Good Alexander’s read on how to manage risk.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.